Mortgage Rates Drop to Lowest Since Mid-December

Mortgage interest rates dropped again last week, reaching the lowest level in two months, but mortgage demand didn’t pick up. According to the Mortgage Bankers Association, total mortgage application volume fell 1.2% from the previous week.

 

The average rate for a 30-year fixed mortgage with a conforming loan balance ($806,500 or less) decreased to 6.88% from 6.93%, with points dropping to 0.61 from 0.66 for loans with a 20% down payment.

 

“Mortgage rates fell due to lower Treasury yields and softer consumer spending data,” said Joel Kan, MBA’s deputy chief economist.

Refinance applications fell 4% for the week but were 45% higher than a year ago, while FHA refinance applications rose 8%. Purchase applications remained flat but were 3% higher than last year.

 

Mortgage rates have continued to decline this week, offering potential savings for buyers and homeowners considering refinancing.

 

 

 

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